Solana (SOL) price increases by 6%, reaching $134.13

Solana (SOL) has seen a 6% price increase in the past 24 hours, reaching $134.13 as of Thursday morning. This price jump coincides with the launch of the first-ever Solana Futures ETFs by Volatility Shares

Solana (SOL) price saw a 6% gain in the past 24 hours and reached $134.13 by Thursday morning. This price jump comes after weeks of consolidation in a symmetrical triangle pattern, as noted by technical analysts.

Solana’s trading volume also surged by nearly 70%, reaching $3.6 billion. This spike in activity could be attributed to renewed interest in the token.

Solana’s recovery follows a major correction earlier this year, where it hit a high of $292 in January before pulling back. Since then, it has been on a gradual uptrend.

Solana futures ETFs are launching today. Florida-based investment firm Volatility Shares will be introducing two Solana futures ETFs to the US market.

These will trade on the New York Stock Exchange with ticker symbols SOLZ and SOLT. SOLZ will directly track Solana futures contracts.

On the other hand, SOLT, the leveraged version, will provide investors with double exposure to Solana price movements.

This ETF launch follows a similar trajectory to the events that preceded spot Bitcoin ETFs. Many market observers view it as a stepping stone toward eventual spot Solana ETFs.

Solana’s futures open interest has risen to $2.7 billion. This level was last seen in October 2024, indicating growing participation in the Solana derivatives market.

Solana hit new highs in November 2024 and has since experienced a correction of more than 50%. However, market analysts believe the token may be forming a bottom and could reverse its downward trend.

The broader cryptocurrency market has shown strength following Tuesday’s Federal Reserve decision. The Fed kept interest rates unchanged at 4.5%, which was in line with market expectations.

Solana’s price action is occurring alongside positive momentum in the broader crypto market. Bitcoin has been trading above $85,000, which often sets the tone for altcoins.

Solana continues to attract developers and users due to its technical capabilities. The blockchain can process thousands of transactions per second with low fees, making it popular for NFT projects and DeFi applications.

Recently, there were reports that a new DeFi platform may be launching on Solana. Such developments typically bring more users and capital to the ecosystem, potentially supporting price growth.

However, despite its strengths, Solana has faced challenges in the past. Previous network outages caused concern among investors, although the team has worked to address these issues.

A minor network glitch was reported yesterday, briefly causing worry among some investors. While not a major incident, such technical issues can impact short-term price sentiment.

Looking at global economic factors, inflation remains a concern in various parts of the world. Central bank policies on interest rates could affect risk assets like cryptocurrencies if the market environment changes. TLDR:Solana (SOL) price saw a 6% increase in the past 24 hours and reached $134.13 by Thursday morning.

This price jump coincides with the launch of the first-ever Solana Futures ETFs by Volatility Shares and comes after weeks of price consolidation.

Cryptocurrency’s trading volume also surged by nearly 70% to $3.6 billion. This spike in activity suggests renewed interest in the token, which is in a recovery phase following a major correction earlier this year.

Solana hit a high of $292 in January before pulling back. Since then, it has been on a gradual uptrend despite remaining well below its peak values.

The Florida-based investment firm will be introducing two Solana futures ETFs to the US market today.

These will trade on the New York Stock Exchange with ticker symbols SOLZ and SOLT. SOLZ will directly track Solana futures contracts.

On the other hand, SOLT, the leveraged version, will provide investors with double exposure to Solana price movements.

This ETF launch follows the same trajectory that preceded spot Bitcoin ETFs. Many market observers view it as a stepping stone toward eventual spot Solana ETFs.

Technical analysts have noted that Solana has broken out of a converging triangle pattern. This breakout suggests a potential upside target in the $170-$180 range according to some chart watchers.

Solana's futures open interest has risen to $2.7 billion. This level was last seen in October 2024, indicating growing participation in the Solana derivatives market.

Solana hit highs of around $270 in November 2024. Since then, it has experienced a correction of more than 50%. However, market analysts believe the token may be forming a bottom and could reverse its downward trend.

The broader cryptocurrency market has shown strength following Tuesday’s Federal Reserve decision. The Fed kept interest rates unchanged at 4.5%, which was in line with market expectations.

Solana’s price action is occurring alongside positive movement in the broader crypto market. Bitcoin has been trading above $85